Thursday, February 10, 2011

Ho Hup hopes to complete restructuring by 3Q

KUALA LUMPUR: Practice Note 17 (PN17) company Ho Hup CONSTRUCTION [] Company Bhd hopes to complete its restructuring exercise by the third quarter of this year, according to its board.

Speaking to the press at the company's EGM here today in relation to the disposal of 3.32 acres of land in Bukit Jalil for RM9.55 million, executive director Derek Wong said this would include the acquisition of assets from its white knight as well as a capital reduction.

"Following this, the company will focus on property development, as well as growing our ready-mix concrete business and niche construction works as we still have in-house expertise," he said.

He added the company was also in the midst of seeking a three-month extension from Bursa Malaysia Securities for its PN17 regularisation plan to May 4, 2011.

The resolution for the land disposal was passed by shareholders after a brief 15 minute EGM.

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